Homework Answers
Hope this meets your purpose and added contribution towards your success. Do like if it was helpful.
Feel free to ask in case of any concern.
Best Of Luck !!
Add Answer to:
Question 1 (15 marks) Flinders LLP is a limited partnership consisting of Mr Kent and Mr...
QUESTION 2 PARTNERSHIPS (8 MARKS) 2. Donal and David have been in business as a partnership...
QUESTION 2 PARTNERSHIPS (8 MARKS) 2. Donal and David have been in business as a partnership for a number of years sharing profits in the ratio of 4:1 and entitled to annual salaries of R20 000 and R12 000 respectively. Interest on capital allowed is 3% per annum. Donal and David each take drawings from the partnership of R500 per month. The partnership accounts are prepared annually to 31 December. On 1 July 2013, Damian was admitted as a partner...
Question 1 Ina, Meena and Deeka have been in Partnership as manufactures for many years. Interest...
Question 1 Ina, Meena and Deeka have been in Partnership as manufactures for many years. Interest on drawings is 10%p.a. Interest on capital is 20% p.a. for the first six months and 25% p.a. for the remaining six months of 2019. Ina receives a salary of $4000 per quarter and Deeka receives a monthly salary of RM 2,200. Profit is shared at 40% for Ina, 30% for Meena and 30% for Deeka. The following balances were produced for the year...
1. Mr A Cheung was employed by an investment company as an accountant on the following...
1. Mr A Cheung was employed by an investment company as an accountant on the following terms: a. 2 years contract from 1 July 2017 to 30 June 2019 b. Monthly salary: $25,000 per month plus one month bonus payable on 31 December every year (no pro rata). C. Contract gratuity of $75,000 payable upon completion of the contract. He did not apply to have the gratuity spread back. During his employment with the investment company, he also received the...
QUESTION FOUR [25] Stan and Ben are in partnership, sharing profits and losses in the ratio...
QUESTION FOUR [25] Stan and Ben are in partnership, sharing profits and losses in the ratio of their capital account balances at the beginning of the financial year. On30 June 2019, Stan deposited an additional R150 000 into the partnerships bank account. The introduction of Stan's capital has been correctly recorded. REGENT BUSINESS SCHOOL (RBS) - JANUARY 2020 36 BACHELOR OF COMMERCE IN SUPPLY CHAIN MANAGEMENT YEAR 1 ACADEMIC AND ASSESSMENT CALENDAR DISTANCE The following is an extract of relevant...
Chia, Kiat and Poh were in partnership sharing profits and losses equally. On 31 December 1985,...
Chia, Kiat and Poh were in partnership sharing profits and losses equally. On 31 December 1985, the credit balances on the partners' capital accounts (current accounts were not kept) were Chia $160 000, Kiat $120 000 and Poh $60 000. On 1 January 1986 Kiat retired from the partnership. To ascertain the total amount due to him, goodwill was valued at $30 000 and the fixed assets were valued at $18 000 more than the amount at which they appeared...
Advanced Financial Accounting (9th Edition) Chapter 15, Problem 4EXA I can't figure out where Net Income...
Advanced Financial Accounting
(9th Edition) Chapter 15, Problem 4EXA
I can't figure out where Net Income Distribution numbers came from.
I don't see why it wouldn't be 50-50%
Income Statement For the Year Ended December 31, 20X5 Net Sales S300,000 Cost of Goods Sold (190,000) Gross Margin 110,000 Operating Expenses (30,000) Net Income S 80,000 Additional Information for 20x5 1. Apple began the year with a capital balance of $40,800 2. Jack began the year with a capital balance of...
On October 1, 2018, Allan, Bob, and Carl formed the A, B and C partnership. Allan...
On October 1, 2018, Allan, Bob, and Carl formed
the A, B and C partnership. Allan contributed $ 28800; Bob, $
36000; and Carl, $ 55200. Allan will manage the store; Bob will
work in the store three-quarters of the time; and Carl will not
work in the business
Net income for the year ended September 30, 2019, is $ 102000.
The first $ 40000 is allocated on the basis of relative partner
capital balances. The next $ 23000 is...
Exercise 15-2 Tom and Julie formed a management consulting partnership on January 1, 2016. The fair...
Exercise 15-2 Tom and Julie formed a management consulting partnership on January 1, 2016. The fair value of the net assets invested by each partner follows: Tom $13,300 7,700 1,900 32,000 Julie $11,600 6,600 900 Cash Accounts receivable Office supplies Office equipment Land Accounts payable Mortgage payable 2,100 30,500 5,200 17,500 During the year, Tom withdrew $15,500 and Julle withdrew $12,900 in anticipation of operating profits. Net profit for 2016 was $52,600, which is to be allocated based on the...
Return to question On January 1, 2017, the dental partnership of Angela, Diaz, and Krause was...
Return to question On January 1, 2017, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $55,000, $83,000, and $85,000, respectively. Over the next three years, the business reported net income and (loss) as follows: 2017 2018 2019 $ 95,000 67,000 (50,000) During this period, each partner withdrew cash of $18,000 per year. Krause invested an additional $7,000 in cash on February 9, 2018. At the time that the partnership was created, the three partners...
statement of changes in Equity QUESTION 2 (5 MARKS) Following the success of his business in...
statement of changes in Equity
QUESTION 2 (5 MARKS) Following the success of his business in the first year of operations, P. Prince decided to expand his business by inviting his cousin, T. Tony, to join him as partner. The partnership commenced on 01 March 2018 trading as Princeton Traders, with the partners contributing R500 000 each as capital. The information given below was extracted from the accounting records of Princeton Traders for the financial year ended 28 February 2019....
Question 1 Ina, Meena and Deeka have been in Partnership as manufactures for many years. Interest on drawings is 10%p.a. Interest on capital is 20% p.a. for the first six months and 25% p.a. for the remaining six months of 2019. Ina receives a salary of $4000 per quarter and Deeka receives a monthly salary of RM 2,200. Profit is shared at 40% for Ina, 30% for Meena and 30% for Deeka. The following balances were produced for the year...
1. Mr A Cheung was employed by an investment company as an accountant on the following terms: a. 2 years contract from 1 July 2017 to 30 June 2019 b. Monthly salary: $25,000 per month plus one month bonus payable on 31 December every year (no pro rata). C. Contract gratuity of $75,000 payable upon completion of the contract. He did not apply to have the gratuity spread back. During his employment with the investment company, he also received the...
QUESTION FOUR [25] Stan and Ben are in partnership, sharing profits and losses in the ratio of their capital account balances at the beginning of the financial year. On30 June 2019, Stan deposited an additional R150 000 into the partnerships bank account. The introduction of Stan's capital has been correctly recorded. REGENT BUSINESS SCHOOL (RBS) - JANUARY 2020 36 BACHELOR OF COMMERCE IN SUPPLY CHAIN MANAGEMENT YEAR 1 ACADEMIC AND ASSESSMENT CALENDAR DISTANCE The following is an extract of relevant...
Chia, Kiat and Poh were in partnership sharing profits and losses equally. On 31 December 1985, the credit balances on the partners' capital accounts (current accounts were not kept) were Chia $160 000, Kiat $120 000 and Poh $60 000. On 1 January 1986 Kiat retired from the partnership. To ascertain the total amount due to him, goodwill was valued at $30 000 and the fixed assets were valued at $18 000 more than the amount at which they appeared...
Advanced Financial Accounting
(9th Edition) Chapter 15, Problem 4EXA
I can't figure out where Net Income Distribution numbers came from.
I don't see why it wouldn't be 50-50%
Income Statement For the Year Ended December 31, 20X5 Net Sales S300,000 Cost of Goods Sold (190,000) Gross Margin 110,000 Operating Expenses (30,000) Net Income S 80,000 Additional Information for 20x5 1. Apple began the year with a capital balance of $40,800 2. Jack began the year with a capital balance of...
On October 1, 2018, Allan, Bob, and Carl formed
the A, B and C partnership. Allan contributed $ 28800; Bob, $
36000; and Carl, $ 55200. Allan will manage the store; Bob will
work in the store three-quarters of the time; and Carl will not
work in the business
Net income for the year ended September 30, 2019, is $ 102000.
The first $ 40000 is allocated on the basis of relative partner
capital balances. The next $ 23000 is...
Exercise 15-2 Tom and Julie formed a management consulting partnership on January 1, 2016. The fair value of the net assets invested by each partner follows: Tom $13,300 7,700 1,900 32,000 Julie $11,600 6,600 900 Cash Accounts receivable Office supplies Office equipment Land Accounts payable Mortgage payable 2,100 30,500 5,200 17,500 During the year, Tom withdrew $15,500 and Julle withdrew $12,900 in anticipation of operating profits. Net profit for 2016 was $52,600, which is to be allocated based on the...
Return to question On January 1, 2017, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $55,000, $83,000, and $85,000, respectively. Over the next three years, the business reported net income and (loss) as follows: 2017 2018 2019 $ 95,000 67,000 (50,000) During this period, each partner withdrew cash of $18,000 per year. Krause invested an additional $7,000 in cash on February 9, 2018. At the time that the partnership was created, the three partners...
statement of changes in Equity
QUESTION 2 (5 MARKS) Following the success of his business in the first year of operations, P. Prince decided to expand his business by inviting his cousin, T. Tony, to join him as partner. The partnership commenced on 01 March 2018 trading as Princeton Traders, with the partners contributing R500 000 each as capital. The information given below was extracted from the accounting records of Princeton Traders for the financial year ended 28 February 2019....
Most questions answered within 3 hours.
-
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 40 minutes ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 41 minutes ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 1 hour ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 2 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 4 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 4 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 4 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 4 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 4 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 4 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 4 hours ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 4 hours ago